Rank Group Report Improved Yearly Figures
Rank Group Report Improved Yearly Figures
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The Rank Group, who operate brands such as Grosvenor Casino and Mecca Bingo has reported a significant boost in their net gaming revenue (NGR). In the six-month period ending December 31, 2023, the company witnessed a nine percent growth in like-for-like NGR compared to the previous year. The performance reflects the group’s strong operational leverage and the successful execution of growth strategies.
The Rank Group’s like-for-like net gaming revenue for the first half of the 2023/24 fiscal year reached an impressive £362.6 million, compared to £332.6 million in the same period the previous year. This nine percent growth demonstrates the company’s ability to thrive in a challenging business environment and capitalize on market opportunities.
The underlying operating profit also experienced a substantial increase, soaring from £2.7 million in the previous year to £21.7 million. This remarkable growth can be attributed to both the expansion of the NGR and the operating leverage of The Rank Group.
John O’Reilly, the Chief Executive of The Rank Group, expressed his enthusiasm about the company’s progress and future prospects. He stated, “After what has been a very challenging few years for Rank due to a wide range of external macro factors, we are starting to build revenues and, with our strong operational leverage, we are improving our profitability, with the Group delivering revenue and operating profit growth across all businesses.”
The Rank Group is actively pursuing various development initiatives to accelerate revenue and profit growth in both the UK and Spanish digital markets. Despite potential short-term challenges, such as new maximum online slot stake regulations and the statutory levy in the UK, the company remains confident in its ability to deliver a market-leading cross-channel experience for its Grosvenor and Mecca customers. Additionally, The Rank Group plans to expand its digital business in selected new markets, with the upcoming launch of the YoBingo brand in Portugal.
